Q3 2024 Proximar Seafood AS Earnings Call Transcript
Key Points
- Proximar Seafood AS (FRA:84Q) achieved its first sales income, marking a significant milestone after 10 years of preparation.
- The company successfully harvested its first batch of fish, achieving a 100% superior quality rating and a price premium of approximately 10% over imported fish from Norway.
- Proximar secured additional financing, including NOK75 million in loan facilities from Japanese banks, supporting its working capital needs.
- The company's brand, Fuji Atlantic Salmon, has been well-received in the market, with strong media coverage and positive customer feedback.
- Proximar's production system is on track for full utilization by 2027, with stable biological performance and good fish health reported.
- Turbidity issues have forced Proximar to reduce feeding, impacting growth rates and biomass development.
- The ozone system installation faced design weaknesses, delaying proper dosing and prolonging reduced feeding regimes.
- Despite achieving a price premium, the company's first sales income was relatively small at NOK145,000.
- The company's balance sheet shows a high debt ratio, with 70% of funding coming from debt.
- Proximar faces challenges in achieving expected growth curves due to reduced feeding and turbidity issues, impacting production targets.
Hello and a very good morning to you all and welcome to Proximar Seafood presentation of the third-quarter. The quarter where we present our very first sales income as promised. As always, the presentation will be given by our CEO, Joachim Nielsen in Japan; and myself, Ole Christian Willumsen, CFO here in Bergen.
We will start the presentation by giving you the highlights of the quarter. Before we move over to the section where I think many of you are very interested the sales and marketing part. Then we'll of course, give you an update on the production before we revisit our business case and give you the financial summary.
We will then close by having a look at the summary and outlook session. And with that, I'd like to hand you over to Joachim in Yokohama to get us started. Joachim?
Thank you, Ole Christian. Third quarter has been a milestone quarter for Proximar. On September 30, we harvested our first fish after 10 years of preparation and hard work.
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